U.Today – Check out U.Today’s selection of the three most essential stories of the past day.
XRP set for ‘massive push’, says top trader
XRP shows the potential for a significant squeeze against Bitcoin, with the pair currently sitting at 0.00000945, according to TradingView data. It has fallen 35.05% year-to-date, while gaining 27% since June. A squeeze typically occurs when an asset surges due to a immense number of compact bets, which could soon be the case for XRP and BTC. The last significant squeeze came in August after a judge issued a final ruling in a case against the SEC, but XRP was unable to sustain its gains beyond the short-term squeeze. A similar situation occurred last year when a court deemed secondary sales of XRP as non-securities.
Coinbase (NASDAQ:) Announces New Offering: Details
According to an announcement on Coinbase’s X handle on September 6, there is a novel addition to its listing plan. The newly added asset is ZK, the native token of the ZKSync blockchain; it is a layer 2 scaling solution built on it that uses zero-knowledge packages to facilitate faster and cheaper transactions on its network. Coinbase has been actively expanding its offering by adding novel tokens to its platform. On September 5, the exchange also announced the addition of Moonwell (WELL) to its listing plan. Earlier, Coinbase spread the word that CORE (CORE), Lido DAO (LDO), Safe (SAFE), and Velodrome Finance (VELO) are now available to New York residents on the Coinbase iOS and Android apps.
Binance XRP Reserves Drop to 2.78 Billion: What Happened?
In its latest proof-of-reserves report, Binance revealed significant changes in its user holdings. According to its 22nd monthly snapshot report on September 1, Binance users’ Bitcoin holdings fell by 1.27% to 605,000, while Ethereum holdings fell by 4.58% to 4.486 million, showing a loss of 215,000 ETH. At the same time, users’ USDT holdings total 22.11 billion, up 4.34%, indicating a trend of decreasing cryptocurrency holdings and increasing stablecoin holdings. This trend has also affected XRP, as its holdings fell to 2.75 billion XRP, a decrease of 174.89 million coins since August. Despite these changes, the move towards stablecoins suggests that users are preferring to stay in the cryptocurrency market, waiting for clearer conditions before investing again in assets like XRP.
